Thai Undervalued based on future growth

Bangchak Corporation

Market Cap: ฿51.8b

Engages in the refining and marketing of petroleum products in Thailand, Singapore, Norway, Korea, Laos, and internationally.

Banpu Power

Market Cap: ฿36.3b

Engages in the generation and distribution of thermal and renewable power in Thailand, Laos, China, Japan, Vietnam, Indonesia, Australia, and the United States.

Star Petroleum Refining

Market Cap: ฿30.8b

Engages in refinery and petroleum product distribution in Thailand and internationally.

Supalai

Market Cap: ฿28.9b

Engages in the property development business in Thailand and Australia.

AP (Thailand)

Market Cap: ฿24.4b

Engages in the provision of real estate development business in Thailand.

BCPG

Market Cap: ฿22.8b

A renewable energy company, engages in the solar power, hydropower, wind power, and natural gas businesses in Thailand, Japan, Laos, and Taiwan.

Thai Credit Bank

Market Cap: ฿22.7b

Provides financial services to micro, small, and medium-sized enterprises in Thailand.

North East Rubber

Market Cap: ฿8.0b

Manufactures and sells rubber products in Thailand.

Asian Alliance International

Market Cap: ฿7.2b

Produces and sells pet food and ready-to-eat human food products in Thailand, the United States, the United Kingdom, Saudi Arabia, Japan, Italy, Germany, and internationally.

Medeze Group

Market Cap: ฿6.6b

Engages in collection and storage of stem cells for use in medication in Thailand, Vietnam, Cambodia, Philippines, and internationally.

Asia Sermkij Leasing

Market Cap: ฿6.5b

Engages in the provision of auto hire purchase services in Thailand.

Assetwise

Market Cap: ฿6.4b

Engages in property development and other real estate activities in Thailand.

P.S.P. Specialties

Market Cap: ฿6.3b

Manufactures and sells lubricant and grease oils in Thailand.

BBGI

Market Cap: ฿6.1b

Manufactures and distributes biofuel and related products in Thailand.

Neo

Market Cap: ฿5.0b

Together with its subsidiary, engages in the manufacturing and distribution of consumer products in Thailand, Cambodia, Laos, Myanmar, and Vietnam.

Pinthong Industrial Park

Market Cap: ฿4.9b

Engages in the industrial real estate projects development and building rental activities in Thailand.

Sermsang Power Corporation

Market Cap: ฿4.8b

Operates in the renewable energy business in Thailand, Japan, Vietnam, Mongolia, and Indonesia.

AAPICO Hitech

Market Cap: ฿4.6b

Engages in the manufacture and distribution of automobile parts, dies, and jigs in Thailand, China, Malaysia, and Portugal.

Ngernturbo

Market Cap: ฿4.0b

Provides financial services in Thailand.

Thai Eastern Group Holdings

Market Cap: ฿3.4b

Engages in the rubber, crude palm oil, renewable energy and organic waste management, and logistics businesses in Thailand and internationally.

Thai Wah

Market Cap: ฿2.4b

Manufactures and distributes vermicelli, tapioca starch, and other food and agricultural products in Thailand, Vietnam, China, Cambodia, Indonesia, and India.

Internet Thailand

Market Cap: ฿2.4b

Provides information and communication technology (ICT) infrastructure services primarily in Thailand.

Malee Group

Market Cap: ฿2.2b

Manufactures and distributes fruit juices, canned fruit, milk and cereal drink, and non-alcohol beverage products in Thailand and internationally.

Laundry You

Market Cap: ฿1.6b

Operates and franchises coin-operated laundry shops under the WashXpress brand name in Thailand.

Kijcharoen Engineering Electric

Market Cap: ฿1.3b

Manufactures and distributes electrical cabinets, cable tray, and power solutions in Thailand.

nForce Secure

Market Cap: ฿1.2b

Operates as a specialty distributor of IT security, information management, network solutions, and cloud security in Thailand.